Ameris Bancorp Reports Third Quarter 2010 Results

Oct 20, 2010, 17:55 ET from Ameris Bancorp

MOULTRIE, Ga., Oct. 20 /PRNewswire-FirstCall/ -- AMERIS BANCORP (NASDAQ-GS: ABCB), , today reported a net loss available to common shareholders of $1.7 million, or $0.07 per diluted share, for the quarter ended September 30, 2010, compared to a net loss of $0.9 million, or $0.07 per diluted share, for the third quarter of 2009. For the year to date period ending September 30, 2010, the Company reported a net loss available to common shareholders of $8.3 million, or $0.42 per diluted share, compared to a net loss of $5.8 million, or $0.41 per diluted share, for the same period in 2009.  "We continue to make progress with several initiatives," said Edwin W. Hortman, Jr., President and CEO. "Our operations continue to produce strong levels of pre-tax, pre-provision earnings, at levels close to 2.00% on average assets. This is due to higher net interest margins and reduced levels of operating expenses. With respect to credit quality, we are seeing positive trends in classified assets and problem loan formation and we believe that efforts to sell OREO will yield results in the coming quarters," continued Mr. Hortman.

Credit Quality Trends

At the end of the third quarter of 2010, nonperforming assets totaled $138.3 million, or 5.67% of total assets, compared to $136.0 million or 5.62% of total assets, at June 30, 2010. A relatively small decline in non-performing loans of $2.5 million to $89.8 million in the current quarter was more than offset by increases in foreclosed assets of $4.7 million to $48.4 million when compared to the second quarter of 2010. Net charge offs were lower in the current quarter, at 2.14% of total loans on an annualized basis, compared to 4.22% in the second quarter of 2010.

"We continue to see declines in problem loan formation across all risk classifications," stated Mr. Hortman. "In the current cycle from their peak levels, criticized assets are down 35%, classified accruing loans are down 57% and non-accrual loans are down 10%. Our continuing challenge is to accelerate sales of our OREO which will restore more favorable levels of credit quality."

At the end of the second quarter of 2010, the Company entered into an agreement to sell certain OREO and non-performing loans in three pools to a single investor group. Transactions for two of the three pools closed, resulting in a reduction of non-performing loans during the third quarter of $3.7 million. The third pool did not close as anticipated, leaving $9.6 million of non-performing loans and OREO marked at significant discounts. The Company has begun remarketing these assets for sale and has entered into several sales contracts at prices higher than those agreed upon in the initial bulk sale.

Balance Sheet

Total assets increased $227.2 million, or 10.3%, to $2.43 billion at September 30, 2010 when compared to balances at September 30, 2009. Loans outstanding, at $1.65 billion, were substantially unchanged at the end of the third quarter of 2010 compared to the same period in 2009, but were down approximately $36.7 million from the most recent linked quarter. Cash flows from loan repayments or workouts, together with increased success with deposit sales and retention, have provided significant liquidity reserves for the Company. Total cash and short-term assets at the end of the third quarter of 2010 was $350.7 million, an increase of $192.6 million from the same period in 2009.

Shareholders' equity was $274.0 million at the end of the third quarter of 2010, an increase of $79.0 million when compared to balances at December 31, 2009. The Company's successful capital raise in the second quarter of 2010, coupled with strong core earnings, has delivered higher capital ratios and higher levels of tangible book value.  At September 30, 2010, the Company's tangible common equity to tangible assets was 9.08% compared to 5.84% at September 30, 2009.  Tangible book value increased slightly to $9.35 per share at the end of the third quarter of 2010 compared to $9.00 at the same period in 2009.

Operating Results

Core earnings (pre-tax, pre-provision) increased in the third quarter of 2010 to $11.8 million compared to $9.4 million in the third quarter of 2009. For the year to date period in 2010, the Company's core earnings increased 41.7% to $34.3 million when compared to the same period in 2009. Margin expansion, steady yields on earning assets and flat operating expenses contributed to the success in higher core earnings.

For the third quarter of 2010, the Company reported $22.2 million of tax equivalent net interest income compared to $19.0 million for the same quarter in 2009. The Company's yield on earning assets declined slightly to 5.34% compared to 5.42% for the third quarter of 2009. Lower yields on uncovered loans and higher levels of short-term assets were offset by covered loans with attractive net yields to the Company.

Total interest expense on deposits in the third quarter of 2010 amounted to $6.9 million, compared to $8.7 million in the same quarter in 2009. The Company's cost of deposits in the third quarter of 2010 was 1.31% compared to 1.78% in the same quarter in 2009. While all classes of deposits produced lower yields than in 2009, the majority of the savings were in retail CDs where current renewal rates are significantly less than they were in 2009.

Non-interest income increased during the current quarter to $5.0 million, compared to $4.5 million in the third quarter of 2009. Service charges were higher by $0.3 million, increasing to $3.8 million due mostly to fees associated with deposits acquired in FDIC assisted acquisitions. Mortgage related revenue was mostly flat at $0.7 million when compared to the third quarter of 2009.

Efforts to reduce controllable expenses over the past year have been successful considering Ameris Bank's growth and the additional operations acquired in FDIC-assisted transactions.  In the third quarter of 2010, the Company reported operating expenses of $18.9 million, compared to $15.4 million in the same quarter of 2009.  As seen in the attached financial highlights, recurring operating expense normalized for credit costs and FDIC insurance expense shows expenses substantially flat at $14.4 million for the third quarter of 2010 compared to $14.1 million in the same quarter in 2009. For the year to date period, the Company reported $43.1 million of core operating expense compared to $43.5 million in the year to date period ended September 30, 2009.

Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter, had 50 locations in Georgia, Alabama, northern Florida and South Carolina.

  This news release contains certain performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management of Ameris Bancorp (the "Company") uses these non-GAAP measures in its analysis of the Company's performance. These measures are useful when evaluating the underlying performance and efficiency of the Company's operations and balance sheet. The Company's management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results with prior periods and demonstrate the effects of significant gains and charges in the current period. The Company's management believes that investors may use these non-GAAP financial measures to evaluate the Company's financial performance without the impact of unusual items that may obscure trends in the Company's underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Tangible common equity and Tier 1 capital ratios are non-GAAP measures. The Company calculates Tier 1 capital using current call report instructions. The Company's management uses these measures to assess the quality of capital and believes that investors may find them useful in their evaluation of the Company. These capital measures may or may not be necessarily comparable to similar capital measures that may be presented by other companies.

This news release contains statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe", "estimate", "expect", "intend", "anticipate" and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements and are referred to the Company's periodic filings with the Securities and Exchange Commission for a summary of certain factors that may impact the Company's results of operations and financial condition.


AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)




































Three Months Ended


Nine Months Ended




Sept.


Jun.


Mar.


Dec.


Sept.


Sept.


Sept.




2010


2010


2010


2009


2009


2010


2009

















EARNINGS































Net Income/(Loss) Available to Common Shareholders

$                   (1,704)


$                   (4,218)


$                 (2,330)


$               (39,192)


$                    (923)


$                (8,252)


$           (5,757)

















PER COMMON SHARE DATA















Earnings per share available to common shareholders:
















Basic

$                     (0.07)


$                     (0.20)


$                   (0.17)


$                   (2.82)


$                   (0.07)


$                  (0.42)


$             (0.41)



Diluted

$                     (0.07)


$                     (0.20)


$                   (0.17)


$                   (2.82)


$                   (0.07)


$                  (0.42)


$             (0.41)


Cash Dividends per share

-


$                            -


$                          -


$                          -


$                          -


$                       -


0.10


Stock dividend

-


1 for 210


1 for 130


1 for 130


1 for 130


3 for 157


1 for 130


Book value per share (period end)

$                      9.48


$                      9.57


$                   10.18


$                   10.39


$                   13.15


$                   9.48


$             13.15


Tangible book value per share (period end)

$                      9.35


$                      9.43


$                     9.94


$                   10.13


$                     9.00


$                   9.35


$               9.00


Weighted average number of shares:
















Basic

23,570,929


21,231,367


13,906,137


13,912,458


13,906,299


19,569,478


13,945,216



Diluted

23,570,929


21,231,367


13,906,137


13,912,458


13,906,299


19,569,478


13,925,559


Period-end number of shares

23,626,129


23,515,468


14,108,672


14,001,044


13,961,597


23,626,129


13,961,597


Market data:
















High closing price

$                    10.49


$                    11.55


$                   10.32


$                     7.25


$                     7.47


$                 11.55


$             11.73



Low closing price

$                      7.83


$                      9.00


$                     7.36


$                     5.13


$                     5.93


$                   7.36


$               3.66



Period end closing price

$                      9.35


$                      9.66


$                     9.03


$                     7.16


$                     7.15


$                   9.35


$               7.15



Average daily volume

75,573


205,388


37,715


38,583


30,407


106,881


29,835

















PERFORMANCE RATIOS















Return on average assets

(0.28%)


(0.68%)


(0.26%)


(6.54%)


(0.14%)


(0.45%)


(0.32%)


Return on average common equity

(3.01%)


(8.77%)


(4.33%)


(75.56%)


(1.68%)


(4.91%)


(3.55%)


Earning asset yield (TE)

5.34%


5.32%


5.36%


5.01%


5.42%


5.48%


5.53%


Total cost of funds

1.33%


1.34%


1.41%


1.51%


1.83%


1.36%


2.12%


Net interest margin (TE)

4.04%


4.01%


3.92%


3.55%


3.65%


4.14%


3.47%


Non-interest income excluding securities transactions,
















as a percent of total revenue (TE) (1)

16.74%


12.40%


14.15%


68.82%


13.89%


14.58%


13.57%


Efficiency ratio (2)

70.08%


63.35%


66.93%


119.77%


65.83%


66.40%


70.82%

















CAPITAL ADEQUACY (period end)















Stockholders' equity to assets

11.25%


11.35%


8.22%


8.04%


10.56%


11.25%


10.56%


Tangible common equity to tangible assets

9.08%


9.17%


5.97%


5.86%


5.84%


9.08%


5.84%

















EQUITY TO ASSETS RECONCILIATION















Tangible common equity to tangible assets

9.08%


9.17%


5.97%


5.86%


5.84%


9.08%


5.84%


Effect of preferred equity

2.05%


2.06%


2.11%


2.04%


2.24%


2.05%


2.24%


Effect of goodwill and other intangibles

0.12%


0.12%


0.13%


0.14%


2.47%


0.12%


2.47%



Equity to assets (GAAP)

11.25%


11.35%


8.22%


8.04%


10.56%


11.25%


10.56%

















OTHER PERIOD-END DATA















FTE Headcount

570


581


594


615


595


570


595


Assets per FTE

$                    4,271


$                    4,169


$                   3,959


$                   3,928


$                   3,710


$                 4,271


$             3,710


Branch locations

50


53


53


53


50


50


50


Deposits per branch location

$                  41,980


$                  39,246


$                 39,402


$                 40,059


$                 37,751


$               41,980


$           37,751


















(1) Includes gain from acquisition of $38.6 million, net of income tax expense of $13.5 million in the fourth quarter of 2009 .










(2) Includes the non-recurring, non-cash goodwill impairment charge of $54.8 million in the fourth quarter of 2009 and the gain on acquisition of $38.6 million.









AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)




















Three Months Ended


Nine Months Ended




Sept.


Jun.


Mar.


Dec.


Sept.


Sept.


Sept.




2010


2010


2010


2009


2009


2010


2009

































INCOME STATEMENT






























Interest income















Interest and fees on loans

$                  26,465


$                  28,187


$                 25,156


$                 24,864


$                 24,888


$               79,808


$           76,444


Interest on taxable securities

2,295


2,502


2,462


2,570


2,725


7,259


9,288


Interest on nontaxable securities

295


299


304


319


329


898


751


Interest on deposits in other banks

104


97


57


60


68


258


202


Interest on federal funds sold

13


12


12


18


12


37


54



Total interest income

29,172


31,097


27,991


27,831


28,022


88,260


86,740

















Interest expense















Interest on deposits

$                    6,903


$                    7,084


$                   7,332


$                   7,637


$                   8,684


21,319


30,869


Interest on other borrowings

270


154


246


493


526


670


1,551



Total interest expense

7,173


7,238


7,578


8,130


9,210


21,989


32,420

















Net interest income

21,999


23,859


20,413


19,701


18,812


66,271


54,320

















Provision for loan losses

9,739


18,608


10,770


16,468


8,298


39,117


25,600

















Net interest income after provision for loan losses

$                  12,260


$                    5,251


$                   9,643


$                   3,233


$                 10,514


$               27,154


$           28,720

















Noninterest income















Service charges on deposit accounts

$                    3,761


$                    3,620


$                   3,439


$                   3,654


$                   3,510


10,820


9,938


Mortgage banking activity

713


675


554


718


692


1,942


2,332


Other service charges, commissions and fees

180


232


213


259


131


625


271


Gain(loss) on sale of securities

-


-


200


77


(20)


200


794


Gains from acquisitions

-


8,209


-


38,566


-


8,209


-


Other non-interest income

357


313


479


465


208


1,149


1,278



Total noninterest income

5,011


13,049


4,885


43,739


4,521


22,945


14,613

















Noninterest expense















Salaries and employee benefits

7,555


8,027


7,826


8,616


7,431


23,408


23,321


Occupancy and equipment expenses

2,171


2,025


2,027


2,417


2,114


6,223


6,496


Data processing and telecommunications expenses

1,729


2,077


1,763


1,801


1,746


5,569


5,077


FDIC insurance expense

1,304


1,285


1,248


858


654


3,837


2,594


Credit related expenses (1)

3,232


6,224


2,020


4,562


993


11,476


3,081


Advertising and marketing expenses

167


143


159


336


301


469


1,314


Amortization of intangible assets

254


239


271


205


146


764


439


Goodwill impairment

-


-


-


54,813


-


-


-


Other non-interest expenses

2,516


3,363


1,617


2,374


1,975


7,496


6,494



Total noninterest expense

18,928


23,383


16,931


75,982


15,360


59,242


48,816

















Operating profit/(loss)

$                   (1,657)


$                   (5,083)


$                 (2,403)


$               (29,010)


$                    (325)


$                (9,143)


$           (5,483)


















Income tax (benefit)/expense

(760)


(1,664)


(869)


9,323


(198)


(3,293)


(2,027)

















Net income/(loss)

$                      (897)


$                   (3,419)


$                 (1,534)


$               (38,333)


$                    (127)


$                (5,850)


$           (3,456)

















Preferred stock dividends

$                       807


$                       799


796


859


796


2,402


2,301

















Net income/(loss) available














    to common shareholders

$                   (1,704)


$                   (4,218)


$                 (2,330)


$               (39,192)


$                    (923)


$                (8,252)


$           (5,757)

















Diluted earnings available to common shareholders

(0.07)


(0.20)


(0.17)


(2.82)


(0.07)


(0.42)


(0.41)


















(1) Includes expenses associated with problem loans and OREO, as well as OREO losses and writedowns.













AMERIS BANCORP

FINANCIAL HIGHLIGHTS



(unaudited)

(dollars in thousands except per share data and FTE headcount)






























Three Months Ended





Sept.


Jun.


Mar.


Dec.


Sept.





2010


2010


2010


2009


2009















PERIOD-END BALANCE SHEET
























Assets












Cash and due from banks

$                  43,814


$                  54,444


$                 68,859


$                 81,060


$                 43,761



Federal funds sold and interest bearing balances

306,867


240,075


200,942


220,363


114,335



Investment securities available for sale, at fair value

236,048


237,985


248,013


245,556


251,189



Other investments

7,106


7,531


7,260


7,260


4,441
















Loans, net of unearned income

1,455,853


1,493,126


1,536,528


1,584,359


1,652,689



Covered loans

192,267


191,663


123,771


137,248


-



Less: allowance for loan losses

34,072


33,585


33,562


35,762


41,946




Loans, net

1,614,048


1,651,204


1,626,737


1,685,845


1,610,743
















Other real estate owned

50,919


41,079


34,682


23,316


21,923



Covered other real estate owned

28,416


25,845


17,862


9,337


-




Total other real estate owned

79,335


66,924


52,544


32,653


21,923
















Premises and equipment, net

66,056


66,708


66,523


67,637


67,641



Intangible assets, net

3,097


3,314


3,364


3,586


3,193



Goodwill

-


-


-


-


54,813



FDIC loss sharing receivable

42,532


57,946


47,579


45,840


-



Other assets

35,801


35,779


29,711


34,171


35,436




Total assets

$             2,434,703


$             2,421,910


$            2,351,532


$            2,423,971


$            2,207,475















Liabilities












Deposits:













Noninterest-bearing

$                235,646


$                218,012


$               222,454


$               236,962


$               205,699




Interest-bearing

1,863,355


1,862,014


1,865,852


1,886,154


1,681,830



Total deposits

2,099,001


2,080,026


2,088,306


2,123,116


1,887,529



Federal funds purchased & securities sold under













agreements to repurchase

13,186


17,600


20,640


55,254


30,393



Other borrowings

-


-


2,000


2,000


7,000



Other liabilities

6,279


7,145


5,082


6,368


7,268



Subordinated deferrable interest debentures

42,269


42,269


42,269


42,269


42,269




Total liabilities

2,160,735


2,147,040


2,158,297


2,229,007


1,974,459




























Stockholders' equity











 Preferred stock

$                  49,975


$                  49,832


$                 49,691


$                 49,552


$                 49,411


 Common stock

24,961


24,961


15,379


15,273


15,128


 Capital surplus

165,544


165,544


88,996


88,956


87,598


 Retained earnings

35,948


37,519


42,431


44,755


85,149


 Accumulated other comprehensive income/(loss)

8,371


7,834


7,676


7,240


6,542


 Less treasury stock

(10,831)


(10,820)


(10,812)


(10,812)


(10,812)




Total stockholders' equity

273,968


274,870


193,361


194,964


233,016




Total liabilities and stockholders' equity

$             2,434,703


$             2,421,910


$            2,351,658


$            2,423,971


$            2,207,475




























Other Data











Earning Assets

2,199,929


2,171,262


2,270,427


2,188,622


2,024,442


Intangible Assets

3,097


3,314


3,364


4,053


58,006


Interest Bearing Liabilities

1,918,810


1,921,883


1,930,761


1,985,677


1,761,492


Average Assets

2,429,709


2,444,425


2,377,348


2,374,352


2,244,527


Average Common Stockholders' Equity

224,656


217,042


143,655


205,500


186,858




AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)








































Three Months Ended

Nine Months Ended




Sept.


Jun.


Mar.


Dec.


Sept.


Sept.


Sept.




2010


2010


2010


2009


2009


2010


2009

















ASSET QUALITY INFORMATION (1)






























Allowance for loan losses















Balance at beginning of period

$    33,585


$    33,563


$    35,762


$    41,946


$    44,998


$    35,762


$    39,652


Acquired Reserves

-


-


-


-


-


-


-


Provision for loan loss (2)

9,602


17,725


10,770


16,468


8,298


38,097


25,600



















Charge-offs

10,108


18,756


13,246


22,515


11,993


42,110


24,616



Recoveries

993


1,053


277


(137)


643


2,323


1,310


Net charge-offs (recoveries)

9,115


17,703


12,969


22,652


11,350


39,787


23,306


















Ending balance

$    34,072


$    33,585


$    33,563


$    35,762


$    41,946


$    34,072


$    41,946


















As a percentage of loans

2.34%


2.25%


2.18%


2.26%


2.54%


2.34%


2.54%


As a percentage of nonperforming loans

37.27%


36.37%


37.44%


37.20%


49.99%


37.27%


49.99%

















































Net charge-off information















Charge-offs















Commercial, Financial and Agricultural

$         866


$         703


$      2,008


$      1,831


$         601


$      3,577


$      2,805


Real Estate - Residential

3,100


4,739


924


3,911


3,846


8,763


6,948


Real Estate - Commercial and Farmland

4,118


5,023


4,593


4,571


482


13,734


1,661


Real Estate - Construction and Development

1,557


8,202


5,576


11,831


6,871


15,335


12,532


Consumer Installment

467


89


145


371


193


701


670


Other


-


-


-


-


-


-


-



Total charge-offs

10,108


18,756


13,246


22,515


11,993


42,110


24,616


















Recoveries















Commercial, Financial and Agricultural

41


430


78


79


64


549


162


Real Estate - Residential

54


84


28


(174)


228


166


452


Real Estate - Commercial and Farmland

392


202


64


11


3


658


246


Real Estate - Construction and Development

458


140


64


(88)


314


662


332


Consumer Installment

48


197


43


35


34


288


118


Other


-


-


-


-


-


-


-



Total recoveries

993


1,053


277


(137)


643


2,323


1,310


















Net charge-offs (recoveries)

$      9,115


$    17,703


$    12,969


$    22,652


$    11,350


$    39,787


$    23,306

















































Non-accrual loans


89,862


92,336


89,649


96,131


83,917


89,862


83,917

Foreclosed assets


48,430


43,686


32,800


21,551


21,923


48,430


21,923

Accruing loans delinquent 90 days or more

-


-


-


-


-




-

Total non-performing assets

138,292


136,022


122,449


117,682


105,840


138,292


105,840

































Non-performing assets as a percent of total assets

5.67%


5.62%


5.21%


4.85%


4.79%


5.67%


4.79%

Accruing loans 90 days past due














Accruing loans 90 days past due as a















percent of loans














Non-performing assets + accruing loans 90















days past due to loans and foreclosed assets













Net charge offs as a percent of loans (Annualized)

2.14%


4.22%


3.12%


5.14%


2.70%


3.16%


1.86%

(1) Asset quality information is presented net of covered assets where the Company's risk exposure is limited substantially by loss sharing agreements with the FDIC.

(2) During the second and third quarter of 2010, the Company recorded provision for loan loss expense of $0.9 million and $0.1 million, respectively, to account for losses where the initial estimate of cash flows was found to be excessive on loan acquired in FDIC assisted acquisitions.  These amounts are excluded from the calculation above but reflected in the Company Consolidated Statement of Operations.



AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)





















Three Months Ended


Nine Months Ended




Sept.


Jun.


Mar.


Dec.


Sept.



Sept.


Sept.




2010


2010


2010


2009


2009



2010


2009



































AVERAGE BALANCES



































Federal funds sold

$    61,465


$    54,245


$    25,831


$    25,652


$    25,000



$    47,180


$    20,092



Interest bearing deposits in banks

190,203


232,733


173,125


127,092


112,827



198,687


119,515



Investment securities - taxable

199,244


209,532


209,465


215,610


216,471



206,080


264,387



Investment securities - nontaxable

35,813


35,650


36,430


39,038


38,693



35,964


28,436



Other investments

7,246


8,061


5,495


5,472


4,441



6,934


4,604



Loans

1,503,149


1,528,220


1,563,307


1,669,753


1,666,821



1,531,559


1,674,015



Covered loans

187,556


155,302


120,211


79,795


-



154,356


-



 Total Earning Assets

$2,184,676


$2,223,743


$2,133,864


$2,162,412


$2,064,253



$2,180,760


$2,111,049




















Noninterest bearing deposits

$  225,907


$  237,276


$  231,765


$  232,215


$  207,495



$  231,649


$  205,563



NOW accounts

478,105


482,798


505,566


492,434


493,253



488,823


446,712



MMDA

448,955


441,445


424,913


410,909


384,266



438,438


329,507



Savings accounts

64,575


64,887


63,436


61,645


57,532



64,299


56,862



Retail CDs < $100,000

367,353


375,339


331,294


382,131


341,495



357,995


386,712



Retail CDs > $100,000

375,756


371,754


393,473


338,378


331,763



380,328


395,494



Brokered CDs

128,346


138,113


151,333


125,439


$  116,186



139,264


148,510



 Total Deposits

2,088,997


2,111,612


2,101,780


2,043,151


1,931,990



2,100,796


1,969,360




















FHLB advances

-


747


2,000


2,583


2,000



908


9,857



Subordinated debentures

42,269


42,269


42,269


42,269


42,269



42,269


42,269



Federal funds purchased and securities sold under agreements to repurchase

14,246


18,698


30,650


48,375


20,047



21,138


18,210



Other borrowings

-


-


-


4,946


5,000



-


5,000



 Total Non-Deposit Funding

56,515


61,714


74,919


98,173


69,316



64,315


75,336




















 Total Funding

$2,145,512


$2,173,326


$2,176,699


$2,141,324


$2,001,306



$2,165,111


$2,044,696



AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)




Three Months Ended

Nine Months Ended




Sept.


Jun.


Mar.


Dec.


Sept.



Sept.


Sept.




2010


2010


2010


2009


2009



2010


2009


















INTEREST INCOME/EXPENSE

































INTEREST INCOME

















Federal funds sold

$           13


$           12


$           12


$           18


$           12



$           37


$           54



Interest bearing deposits in banks

104


97


57


60


68



258


171



Investment securities - taxable

2,295


2,438


2,462


2,570


2,725



7,195


9,255



Investment securities - nontaxable (TE)

453


460


468


491


506



1,381


1,156



Loans (TE)

22,054


22,986


22,849


23,668


24,895



67,889


76,575



Covered loans

4,473


5,832


2,375


1,261





12,680


-



Total Earning Assets

$    29,392


$    31,825


$    28,223


$    28,068


$    28,206



$    89,440


$    87,211


INTEREST EXPENSE


































Non-interest bearing deposits

$              -


$              -


$              -


$              -


$              -



$              -


$              -



NOW accounts

1,087


1,135


1,234


1,300


1,433



3,456


3,903



MMDA

1,428


1,446


1,484


1,520


1,510



4,358


3,965



Savings accounts

76


75


90


107


102



241


313



Retail CDs < $100,000

1,596


1,689


1,568


1,769


2,165



4,853


8,726



Retail CDs > $100,000

1,709


1,674


1,881


1,894


2,304



5,264


9,868



Brokered CDs

1,006


1,065


1,076


1,047


1,169



3,147


4,096



Total Deposits

6,902


7,084


7,333


7,637


8,683



21,319


30,871




















FHLB advances

-


12


30


49


31



$           42


54



Subordinated debentures

246


113


178


351


438



537


1,317



Repurchase agreements

19


26


36


70


33



81


104



Correspondent bank line of credit and other

5


2


2


22


23



9


86



 Total Non-Deposit Funding

270


153


246


492


525



669


1,561




















 Total Funding

$      7,172


$      7,237


$      7,579


$      8,129


$      9,208



$    21,988


$    32,432




















Net Interest Income (TE)

$    22,220


$    24,588


$    20,644


$    19,939


$    18,998



$    67,452


$    54,779



AMERIS BANCORP

FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)




















Three Months Ended

Nine Months Ended




Sept.


Jun.


Mar.


Dec.


Sept.


Sept.


Sept.




2010


2010


2010


2009


2009


2010


2009

YIELDS (1)


































Federal funds sold

0.08%


0.09%


0.19%


0.28%


0.19%


0.10%


0.36%



Interest bearing deposits in banks

0.22%


0.17%


0.13%


0.19%


0.24%


0.17%


0.23%



Investment securities - taxable

4.57%


4.67%


4.77%


4.73%


4.99%


4.67%


4.68%



Investment securities - nontaxable

5.02%


5.18%


5.21%


4.99%


5.19%


5.13%


5.44%



Loans

5.82%


6.03%


5.93%


5.62%


5.93%


5.93%


6.12%



Covered loans

9.46%


15.06%


8.01%


6.27%


0.00%


10.98%


0.00%



 Total Earning Assets

5.34%


5.74%


5.36%


5.15%


5.42%


5.48%


5.53%



















Noninterest bearing deposits

0.00%


0.00%


0.00%


0.00%


0.00%


0.00%


0.00%



NOW accounts

0.90%


0.94%


0.99%


1.05%


1.15%


0.95%


1.17%



MMDA

1.26%


1.31%


1.42%


1.47%


1.56%


1.33%


1.61%



Savings accounts

0.47%


0.46%


0.58%


0.69%


0.70%


0.50%


0.74%



Retail CDs < $100,000

1.72%


1.80%


1.92%


1.84%


2.52%


1.81%


3.02%



Retail CDs > $100,000

1.80%


1.81%


1.94%


2.22%


2.76%


1.85%


3.34%



Brokered CDs

3.11%


3.09%


2.88%


3.31%


3.99%


3.02%


3.69%



 Total Deposits

1.31%


1.35%


1.41%


1.48%


1.78%


1.36%


2.10%



















FHLB advances

0.00%


6.44%


6.08%


7.53%


6.15%


6.18%


0.73%



Subordinated debentures

2.31%


1.07%


1.71%


3.29%


4.11%


1.70%


4.17%



Repurchase agreements

0.53%


0.56%


0.48%


0.57%


0.65%


0.00%


3.07%



Correspondent bank line of credit and other

0.00%


0.00%


0.00%


1.76%


1.83%


1.39%


2.77%



 Total Non-Deposit Funding

1.90%


0.99%


1.33%


1.99%


3.00%


1.39%


2.77%



















 Total funding (3)

1.33%


1.34%


1.41%


1.51%


1.83%


1.36%


2.12%



















Net interest spread

4.01%


4.40%


3.95%


3.64%


3.60%


4.13%


3.41%



















Net interest margin

4.04%


4.43%


3.92%


3.66%


3.65%


4.14%


3.47%

































(1) Interest and average rates are calculated on a tax-equivalent basis using an effective tax rate of 35%.








(2) Rate calculated based on average earning assets.












(3) Rate calculated based on total average funding including non-interest bearing liabilities.












FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)





Three Months Ended



Nine Months Ended




Sept.


Jun.


Mar.


Dec.


Sept.



Sept.


Sept.



Core Earnings Reconciliation

2010


2010


2010


2009


2009



2010


2009




















Pre-tax operating profit/(loss)

$     (1,657)


$     (5,083)


$     (2,403)


$   (29,010)


$        (325)



$     (9,143)


$     (5,484)



Plus: Credit Related Costs
















   Provision for loan losses

9,739


18,608


10,770


16,468


8,298



39,117


25,600



  (Gains)/Losses on the sale of OREO

1,263


4,173


487


3,572


(76)



5,923


706



   Problem loan and OREO expense

1,969


2,051


1,533


990


1,069



5,553


2,375



   Interest reversed on non-accrual loans

533


1,017


575


1,398


1,267



2,125


2,606



      Total Credit-Related Costs

13,504


25,849


13,365


22,428


10,558



52,718


31,287




















Plus: Non-recurring impairment charges

-


-


-


54,813


-



-


-



Plus: Costs associated with capital raise

-


933









933


-



Less: Non-recurring gains













-



   Gains related to FDIC acquisitions

-


(8,208)


-


(38,566)


-



(8,208)


-



   Gains/(losses) on sales of securities

-


-


(200)


(77)


20



(200)


(794)



Gains on sales of bank premises

-


(149)


(249)







(398)


-



   Other non-recurring adjustments

-


(1,408)


-


-


(812)



(1,408)


(812)




















Pretax, Pre-provision earnings

$    11,847


$    11,934


$    10,513


$      9,588


$      9,441



$    34,294


$    24,197



FINANCIAL HIGHLIGHTS

(unaudited)

(dollars in thousands except per share data and FTE headcount)












































Three Months Ended

 Nine Months Ended




Sept.


Jun.


Mar.


Dec.


Sept.



Sept.


Sept.



Recurring Operating Expenses

2010


2010


2010


2009


2009



2010


2009




















Total Operating Expenses

18,928


23,383


16,931


75,982


15,360



59,242


48,816



Less: Credit costs & non-recurring charges















  (Gains)/Losses on the sale of OREO

(1,263)


(4,173)


(487)


(3,572)


76



(5,923)


(706)



   Problem loan and OREO expense

(1,969)


(2,051)


(1,533)


(990)


(1,069)



(5,553)


(2,375)



  Acquisition related expenses

-


(933)


-


-


-



(933)


-



  Goodwill impairment

-


-


-


(54,813)


-



-


-



  Severance payments

(16)


(310)


-


-


-



(326)


-



  Reversal of retirement expense (one time)

-


-


-


-


380



-


380



  Gains/(Losses) on the sale of premises

(124)


149


249


-


-



274


-



  FDIC insurance expense

(1,304)


(1,285)


(1,248)


(858)


(654)



(3,837)


(2,594)




















Recurring operating expenses

$    14,252


$    14,780


$    13,912


$    15,749


$    14,093



$    42,944


$    43,521



SOURCE Ameris Bancorp



RELATED LINKS

http://www.amerisbank.com